Apply for a North Carolina ALF Loan

Ready to finance your Adult Care Home in North Carolina? Jaken Finance Group offers specialized financing solutions for acquisitions, construction, and refinancing throughout the Tar Heel State. Start your application today and get expert guidance from our experienced ALF lending team.

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North Carolina ALF Loan Programs

Available Financing Options

Loan Program	Best For	Loan Amount	Down Payment
SBA 7(a)	Acquisitions, working capital	Up to $5M	10-15%
SBA 504	Construction, real estate	Up to $5.5M	10-15%
HUD 232	Large facilities, long-term	Unlimited	15%
Conventional	Quick closing, experienced borrowers	Varies	20-30%
Bridge Loans	Time-sensitive acquisitions	Varies	20-25%

Loan Application Requirements

Personal Documentation

Document	Details
Photo ID	Driver's license or passport
Personal financial statement	SBA Form 413 or equivalent
Tax returns	3 years personal returns
Resume	Industry experience and background
Credit authorization	Permission to pull credit

Business Documentation

Document	Details
Business plan	Executive summary, projections
Entity documents	Articles, operating agreement
Tax returns	3 years business returns (if existing)
Financial statements	P&L, balance sheet, cash flow
Rent roll	Current resident census

Property Documentation

Document	Details
Purchase agreement	Signed contract (acquisitions)
Property information	Address, bed count, square footage
Operating history	3 years financials (existing facilities)
DHSR license	Current license documentation
Survey history	Recent inspection reports

Application Process

Step 1: Initial Consultation (Day 1)

What Happens:

Discuss your goals and timeline
Review your financial situation
Identify best loan programs
Outline documentation needs

What You Need:

Basic property information
Estimated purchase price or project cost
Overview of your experience
Available equity/down payment

Step 2: Pre-Qualification (Days 2-5)

What Happens:

Preliminary credit review
Initial financial analysis
Loan amount determination
Program recommendation

What You'll Receive:

Pre-qualification letter
Estimated loan terms
Documentation checklist
Timeline expectations

Step 3: Full Application (Days 6-14)

What Happens:

Complete application submission
Document collection and review
Property evaluation initiated
Underwriting file prepared

What You Need:

All required documentation
Property access for inspection
Responsive communication

Step 4: Underwriting (Days 15-45)

What Happens:

Detailed financial analysis
Appraisal and inspection
DHSR license verification
Credit committee review

What to Expect:

Additional document requests
Questions from underwriter
Conditional approval

Step 5: Approval and Closing (Days 46-60)

What Happens:

Final loan approval
Closing document preparation
Title and legal review
Funding and disbursement

What You'll Need:

Closing funds (down payment, fees)
Insurance certificates
Entity documentation
Signed closing documents

Questions About the Application Process?

Our team is here to guide you through every step.

Qualification Criteria

Borrower Requirements

Factor	Typical Requirement
Credit score	680+ preferred (660 minimum)
Industry experience	2+ years in senior care
Net worth	Equal to loan amount
Liquidity	6-12 months debt service
Background	Clean criminal/credit history

Property Requirements

Factor	Typical Requirement
Occupancy	80%+ (existing facilities)
DHSR license	Current and in good standing
Survey history	No serious deficiencies
Location	North Carolina
Condition	Good physical condition

Financial Requirements

Metric	Typical Requirement
Debt Service Coverage	1.25x minimum
Loan-to-Value	Up to 90% (SBA)
Cash flow	Positive and stable

North Carolina-Specific Considerations

DHSR Licensing

Your loan application will include verification of:

Current Adult Care Home license
Recent survey results
Plans of correction (if applicable)
Administrator certification
Compliance with 10A NCAC 13F/13G

Special Assistance Program

If your facility participates in NC's Special Assistance (Medicaid) program:

Provide SA provider agreement
Document SA revenue percentage
Show SA rate history
Demonstrate compliance

Regional Market Factors

Market	Lending Considerations
Charlotte	Competitive market, strong demand
Raleigh-Durham	High growth, premium valuations
Asheville	Limited supply, strong fundamentals
Wilmington	Coastal factors, seasonal considerations
Triad	Value opportunities, stable market

Tips for a Successful Application

Before You Apply

Check your credit - Review reports for errors
Gather documents - Organize financial records
Know your numbers - Understand the property financials
Prepare your story - Articulate your experience and vision
Have equity ready - Confirm down payment availability

During the Process

Respond quickly - Timely communication speeds approval
Be thorough - Complete documentation reduces delays
Ask questions - Understand each step
Stay organized - Keep copies of everything
Be patient - Quality underwriting takes time

Common Mistakes to Avoid

Mistake	Impact
Incomplete applications	Delays and re-requests
Unexplained credit issues	Underwriting concerns
Unrealistic projections	Credibility questions
Missing deadlines	Process delays
Changing finances	Approval complications

Frequently Asked Questions

How long does approval take?

SBA 7(a): 45-60 days
SBA 504: 60-90 days
HUD 232: 4-6 months
Conventional: 30-45 days
Bridge: 2-4 weeks

What credit score do I need?

Most programs require 680+ for best terms. Scores of 660-679 may qualify with compensating factors like strong experience or higher down payment.

How much down payment is required?

SBA programs: 10-15%
HUD 232: 15%
Conventional: 20-30%
Bridge: 20-25%

Can I finance working capital?

Yes, SBA 7(a) loans can include working capital. SBA 504 and HUD programs have limited working capital provisions.